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Apple Generated $81.8 Billion In Revenue During Q3 2023, But It Was The Biggest Slump Since 2016 Due To Declining Demand
Apple Generated $81.8 Billion In Revenue During Q3 2023, But It Was The Biggest Slump Since 2016 Due To Declining Demand
May 28, 2024 4:35 AM

Apple announced its Q3 2023 financial results, with the company generating a revenue of $81.8 billion, which is a decline of 1 percent compared to the same period a year ago, where revenue of $82.9 billion was made. Fortunately, the California-based giant made more profit this year; $19.9 billion compared to $19.4 billion compared to the Q3 2022 period. So far, Apple has seen its revenue decline for three quarters in a row, likely due to decreasing consumer demand in the wake of crippling inflation, but there are positive indicators elsewhere.

Apple’s Services, Other Products, were the only categories that generated more revenue compared to the same period a year ago

Apple’s iPhone revenue, which is the company’s cash cow, generated $39.67 billion in revenue, but due to declining demand and possibly the wait for the iPhone 15 launch caused a slump of 2 percent compared to the same quarter a year ago, which made $40.6 billion last year.

Mac and iPad revenue also witnessed a decline, with Services and ‘Other Products’ the only two categories to see an increase compared to Q2 2022, making $21.21 billion in revenue, compared to $19.6 billion last year. Apple CEO Tim Cook made the announcement that the firm had an all-time revenue record in Services during the June quarter thanks to one billion paid subscriptions.

“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone. From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

Apple is not issuing guidance for the quarter ending in September, which has been the case for three years now, but if you want to read the entire earnings report, you can check out all details through the company’s press release.

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